At Unitarian Universalist assembly, a vote to divest from fossil fuels

PROVIDENCE — Delegates to the 53rd annual General Assembly of Unitarian Universalist Association voted overwhelmingly Saturday to divest from major producers and processors of fossil fuels, and pursue...

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By
KAREN LEE ZINER
Posted Jun. 28, 2014 @ 11:14 pm

PROVIDENCE — Delegates to the 53rd annual General Assembly of Unitarian Universalist Association voted overwhelmingly Saturday to divest from major producers and processors of fossil fuels, and pursue investment in clean-energy technologies, said spokeswoman Rachel Walden.

Of the 2,000 delegates, “it was a very small portion who voted ‘No’ on the business resolution,” Walden said. The vote was held at the Dunkin’ Donuts Center after a half-hour discussion.

Ed Horch, of Somerville, N.J., was among those voting to divest.

“This is one tactic in an overall strategy in working against overdependence on fossil fuels,” Horch said. “It’s not going to cause ExxonMobil to go broke, but that’s not what it’s intended to do.”

Horch noted, “We’re not selling all of our shares ... By keeping a few shares, we can send representatives to the annual shareholders’ meetings,” and engage in shareholder activism.

Allan Shapiro, of North Andover, Mass., also voted in favor of divestment. “I think it makes a statement, not so much as an economic issue, but as a philosophical issue,” he said.

About 2.9 percent of the UUA’s $175-million endowment is invested in Carbon Tracker 200 companies, according to information Walden forwarded from the UUA treasurer.

The fossil fuels divestment vote stems from a resolution brought by the group, Unitarian Universalists for Fossil Fuel Divestment and Sustainable Reinvestment, Walden said. The UUA “has a long history of shareholder activism on a variety of issues, including environmental justice.”

The investment committee and treasurer will begin reviewing the holdings. The committee will determine “how many shares we need to retain to engage in shareholder activism: whatever minimum we have to hold, we would divest to that amount,” Walden added.